First introduced as a virtual currency for cashless payments and accounting purposes, today around 317 million EU citizens use the euro as their currency.Take the Rediff Business Quiz and find out how much you know about it.
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1. The euro symbol is inspired from which Greek letter? a) Epsilon b) Alpha c) Omega
Wrong! Try again..
Wrong! The correct answer is Epsilon. It stands as a sign of the weight of European civilization and as the first letter of the word 'Europe', while the two parallel lines running through the symbol signify stability.
Correct! It stands as a sign of the weight of European civilization and as the first letter of the word 'Europe', while the two parallel lines running through the symbol signify stability.
2. Which is the sole authority on monetary policy for euro? a) World Bank b) European Central Bank c) Swiss Bank
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Wrong! The correct answer is European Central Bank. ECB, based in Frankfurt, has sole authority to set monetary policy of Euro. It participates in the printing, minting and distribution of notes and coins in all member states and the operation of the Eurozone payment systems.
Correct! ECB, based in Frankfurt, has sole authority to set monetary policy of Euro. It participates in the printing, minting and distribution of notes and coins in all member states and the operation of the Eurozone payment systems.
3. Name the treaty signed amongst the European nations for monetary union? a) Treaty of Nice b) Treaty of Versailles c) Maastricht Treaty
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Wrong! The correct answer is Maastricht Treaty. The Maastricht Treaty (formally, the Treaty on European Union, TEU) was signed on February 7, 1992 in Maastricht, the Netherlands. It led to the creation of the European Union and was the result of separate negotiations on monetary and political union.
Correct! The Maastricht Treaty (formally, the Treaty on European Union, TEU) was signed on February 7, 1992 in Maastricht, the Netherlands. It led to the creation of the European Union and was the result of separate negotiations on monetary and political union.
4. The common side of Euro coins shows the denomination. What does the reverse side show? a) Queen's face b) National image c) European map
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Wrong! The correct answer is National image. The reverse side of the Euro coins is a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any country may be freely used in any nation, which has adopted the Euro.
Correct! The reverse side of the Euro coins is a national side showing an image specifically chosen by the country that issued the coin. Euro coins from any country may be freely used in any nation, which has adopted the Euro.
5. Which of the following European nations has not adopted Euro? a) United Kingdom b) France c) Portugal
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Wrong! The correct answer is United Kingdom. The United Kingdom has an opt-out from eurozone membership under the Maastricht treaty and is not obligated to join the Euro.
Correct! The United Kingdom has an opt-out from eurozone membership under the Maastricht treaty and is not obligated to join the Euro.